BOI Home Loan EMI Calculator

BOI Home Loan EMI Calculator

The Bank of India (BOI) Home Loan EMI Calculator helps you estimate your monthly loan repayment (EMI) based on the loan amount, tenure, and interest rate. This tool simplifies your home loan planning by providing quick, accurate EMI projections.

How the BOI Home Loan EMI Calculator Works

This calculator computes the Equated Monthly Installment (EMI) using the standard formula:

EMI Formula

EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]

• P: Loan Amount
• R: Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
• N: Loan Tenure in Months

The EMI consists of both principal and interest components. Over time, the principal component increases while the interest component decreases.

Key Inputs

• Loan Amount: The total amount borrowed from BOI (e.g., ₹30 lakh)
• Tenure: The duration of the loan, ranging from 1 to 30 years
• Interest Rate: The annual interest rate offered by BOI

Example

If you take a loan of ₹30,00,000 for 20 years at an interest rate of 8.50% p.a., your estimated EMI would be approximately ₹26,035 per month.

Current Interest Rates – Q1 FY 2024–25

BOI home loan interest rates range from 8.50% to 10.60% p.a., depending on loan amount, borrower profile, and credit score.

Benefits of Using the Calculator

• Instant Results: No need for manual calculations
• Financial Planning: Helps you assess affordability
• Compare Scenarios: Adjust loan amount, tenure, or rate to evaluate options
• Mobile Friendly: Accessible on desktop and mobile devices

Disclaimer : The results given by the above calculator are for illustration purpose only. They are often based on a number of assumptions. The results given are in no way any guarantee of the returns that will be given. Investments in stock markets and securities markets are subject to market risks and other risks. There is no guarantee of the return that will be actually given. Investment in other financial products may also be subject to market risks and other risks. There is no guarantee of the returns that will be given by them. The calculator also does not make any recommendation directly or indirectly. Please consult a registered Financial Advisor before taking any investment decision.